Tackling preloved homes and bringing them up to date with style, then selling them for profit is what this team is all about. Bonnie, Erin & Lana compliment each other with skill sets across design, business and build logistics, and the results have been impressive.
Four completed projects to date, and you can see the before and afters are really impressive. These are real renovations done with a tight budget and real time frame. No reality tv fantasy in this space.
The team also does a great Youtube series which really shows what the inside of a renovation project is (builders cleavage and all). Very entertaining, I binge watched them all.
Business and build savvy aside, I love their pared back beach house meets Hamptons style, and their styling for sale is sensational. Enjoy a little eye candy below.
I asked Lana what the deal breakers are when they team look for investment opportunities:
"It all comes down to maths. We have a profit calculator that takes into account every cost imaginable when renovating a house i.e - reno costs, stamp duty, legal fees, agency fees, interest, waste removal, portaloos, lawn maintenance - everything. We then enter a purchase price and estimated resale price which will spit out a final profit figure. If that figure isn't high enough, we will walk away. It's called price disparity and if it doesn't exist, it's very hard to make money."
Lana also advised these checks before making an offer:
"We like to do a Building & Pest inspection to ensure we know what to expect. We don't fear termites in fact we often welcome them as they turn off other buyers and most of our renos can address that problem in the general course of the changes we're going to make. We also like to get our regular builder and plumber to check out the house as they know what we like to do and they can give us great feedback on any challenges they see on the horizon. This info is also helpful when negotiating with the agent. We also assume there will be a heap of asbestos in each house and account for it's professional removal into our profit calculator."
So what is next for Three Birds Renovations? Both Lana and Bonnie are renovating their own homes this year, and will be taking us along for the ride. The team is also looking for House 5. Can't wait to see what happens next. This team is setting the real renovation bar.